Impact Of The Rs2.Per Litre Increase In Petrol Prices

The cost of high-speed diesel has risen by Rs8.37 per liter, now standing at Rs287.33 per liter.Impact Of The Rs2.Per Litre Increase In Petrol Prices.

On September 16, 2023, in Karachi, Pakistan, a worker at a petrol station is seen holding a fuel nozzle as they fill a car with fuel. This action comes after the government’s recent announcement regarding the increase in petrol and diesel prices. This information was reported by Reuters.

Adjustments in the prevailing petroleum product rates will come into effect from February 16, 2024. The price of petrol has been raised in accordance with the suggestion put forth by Ogra. Additionally, the cost of high-speed diesel has been hiked by Rs8.37 per litre.

The petrol price for the upcoming two weeks has been increased by Rs2.73 per litre to Rs275.62 per litre by the current caretaker government, following the suggestion of the Oil and Gas Regulatory Authority (OGRA).

The Finance Division has released a statement stating that the Government of Pakistan intends to revise the existing prices of petroleum products for the fortnight commencing on the 16th of February 2024.

• Products Current price
• New price
• Change
• Petrol
• Rs272.89
• Rs275.62
• Increase of Rs2.73
• High Speed Diesel (HSD)
• Rs278.96
• Rs287.33
• Increase of Rs8.37

The prices, as suggested by Ogra, have come into effect starting from midnight today (February 16) and will be applicable until February 29.

The rise in petrol and high-speed diesel prices was anticipated following the adjustment in the exchange rate.Impact Of The Rs2.Per Litre Increase In Petrol Prices.

Official sources have reported that the surge in fuel prices is primarily attributed to the critical situation unfolding in the Red Sea. The Houthis’ aggressive actions, including attacks on oil vessels and imposing restrictions on ship movements, have significantly impacted the availability and transportation of oil.

Last month, the interim government raised the price of petrol by Rs13.55 per liter due to the current tensions in the Middle East, with Israel’s ongoing conflict in Gaza.